Production hits four-month OPEC quota compliance streak as Erha operations recover….
Nigeria’s crude oil and condensate production edged higher in August, reaching an average of 1,677,777 barrels per day, as the country recorded a fourth consecutive month of compliance with its Organisation of Petroleum Exporting Countries production quota.
The August figure represents a 0.4 per cent increase from the 1.67 million barrels per day recorded in July, according to the Nigerian Upstream Petroleum Regulatory Commission.
In a statement issued on Sunday by its Head of Media and Corporate Communications, Eniola Akinkuotu, the upstream regulator put Nigeria’s crude oil output, excluding condensates, at 1,500,190 barrels per day during the month.
The latest improvement was attributed largely to the resolution of operational difficulties associated with the Single Buoy Mooring at the Erha field.
The NUPRC said the disruption had affected production and evacuation activities in the previous month, but the restoration of normal operations at the facility helped to lift overall output in August.
“The NUPRC attributed the modest improvement in August production largely to the resolution of the Single Buoy Mooring operational challenges at the Erha field, which had adversely impacted production performance in the preceding month.
“The restoration of normal evacuation and production operations at the asset contributed positively to overall production volumes during the period under review,” the commission said.
Production performance across most other producing assets remained relatively stable during the month, with operators continuing efforts to improve efficiency, maintain asset integrity and minimise operational disruptions.
Daily crude oil and condensate output fluctuated between a low of 1.64 million barrels and a high of 1.71 million barrels during August.
A breakdown of production by major terminals showed Bonny recording the highest average output at 320.04 thousand barrels per day.
Forcados followed closely with 317.40 thousand barrels per day, while Qua Iboe recorded an average of 171.72 thousand barrels per day.
Escravos posted 131.71 thousand barrels per day, while Bonga ranked fifth among the leading producing streams, with an average output of 92.50 thousand barrels per day.
The August production figure was 6,777 barrels per day higher than the 1,671,000 barrels per day recorded in July, based on the rounded July figure.
However, output remained below the 1,735,398 barrels per day recorded in June, representing a difference of 57,621 barrels per day.
The latest figures come as the Federal Government continues to prioritise increased crude production as part of efforts to strengthen government revenues, boost foreign exchange earnings and maximise Nigeria’s position within the OPEC production framework.
The NUPRC said the latest performance reflected ongoing efforts across the industry to tackle operational constraints and bring affected production capacity back on stream.
“While the increase recorded in August was modest, it reflects the industry’s continued efforts to address operational bottlenecks and restore affected production capacity.
“Stakeholders remain focused on enhancing asset reliability, improving operational resilience and advancing intervention programs to support sustained production growth in the coming months,” the regulator said.
The commission also stressed the importance of timely intervention, effective asset management and stronger collaboration among industry stakeholders to protect existing production capacity and support further growth.
With the restoration of operations at affected assets, the regulator expects continued interventions across the upstream sector to help stabilise production and sustain Nigeria’s compliance with its OPEC quota.
